- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-02-09T20:14:00
Comment letters submitted to the Financial Crimes Enforcement Network regarding its proposed beneficial ownership registry rule express concerns related to compliance costs, implementation timelines, and more.
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Determining the ultimate beneficial owner of individuals and companies your firm does business with can be a tricky thing. The most efficient investigations require an understanding of your firm’s risk appetite and appropriate technology to automate searches.
As financial institutions continue to face enhanced public scrutiny and potential regulatory attention, it is important they allocate competent resources to their AML programs regarding beneficial ownership.
FinCEN’s proposed rule for a new beneficial ownership registry was released as part of the U.S. government’s efforts to pull back the veil on anonymous shell companies used to launder illicit profits from corruption, money laundering, and other financial crime activities.
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